XRP Maintains Support: Can It Rise Amid BTC and ETH Declines?
July 24 2024 - 11:48PM
NEWSBTC
XRP price extended gains above the $0.6220 zone. The price tested
the $0.6330 zone before there was a pullback amid declines in BTC
and ETH. XRP price started a downside correction from the $0.6330
zone. The price is now trading near $0.600 and the 100-hourly
Simple Moving Average. There is a connecting bullish trend line
forming with support at $0.5920 on the hourly chart of the XRP/USD
pair (data source from Kraken). The pair could start another
increase if it stays above the $0.590 support zone. XRP Price Holds
Uptrend Support XRP price extended its increase above the $0.6150
resistance. It even climbed above the $0.6220 resistance before the
bears appeared. A high was formed at $0.6330 before Bitcoin and
Ethereum dragged the market lower. There was a move below the
$0.6150 and $0.6120 levels. The price declined below the 50% Fib
retracement level of the upward move from the $0.5802 swing low to
the $0.6330 high. It is now trading near $0.600 and the 100-hourly
Simple Moving Average. There is also a connecting bullish trend
line forming with support at $0.5920 on the hourly chart of the
XRP/USD pair. The trend line is close to the 76.4% Fib retracement
level of the upward move from the $0.5802 swing low to the $0.6330
high. If there is a fresh upward move, the price could face
resistance near the $0.6120 level. The first major resistance is
near the $0.6200 level. The next key resistance could be $0.6220. A
clear move above the $0.6220 resistance might send the price toward
the $0.6350 resistance. The next major resistance is near the
$0.6500 level. Any more gains might send the price toward the
$0.680 resistance. More Losses? If XRP fails to clear the $0.6120
resistance zone, it could continue to move down. Initial support on
the downside is near the $0.5950 level. The next major support is
at $0.5920 and the trend line zone. If there is a downside break
and a close below the $0.5920 level, the price might continue to
decline toward the $0.580 support in the near term. Technical
Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace
in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI
for XRP/USD is now below the 50 level. Major Support Levels –
$0.5920 and $0.5800. Major Resistance Levels – $0.6120 and $0.6220.
Ripple (COIN:XRPUSD)
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